This paper proposes a measure of the extent to which a financial sector is connected to the real economy. The Measure of Connectedness is a measure of the composition of assets, namely the share of credit to the non-financial sectors over the total credit market instruments. The aggregate Measure of Connectedness for the United States declines by about 27 percent in the period 1952-2009. The authors suggest that this increase in disconnectedness between...
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2013/10/01
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Рабочий документ в рамках исследования вопросов политики
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WPS6667
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1
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1
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2013/10/01
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Disclosed
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The connection between Wall Street and Main Street : measurement and implications for monetary policy
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monetary policy
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